Are you financially prepared for retiring in Israel?
Hebrew: האם אתם מוכנים לגיל הזהב ולגמלאות
A recent study and comparison of various metrics, including average yearly income, personal pension in comparison to their pre-retirement earnings, the average percentage of disposable income put into savings, annual investment rates of return of retirement savings plans and the percentage of individuals who own their own property of the 37 OECD countries and capital cities was done.
Luxembourg, Norway and Switzerland are the three best countries for retiring according to a recent UK study. Retired couples in these 3 countries have between $53,000 – $74,000 annual income. In shekel terms that’s 173,00 – 250,000 per annum, or approximately 15,000 – 20,000 shekels/month, which is quite a substantial amount.
According to this study, Israel sits in 26th place for the countries most prepared for retirement, with Jerusalem coming in 24th when looking at city specific metrics. Jerusalem has a retirement population (individuals 65 or over) of 77,250 and individuals can enjoy a retirement of nearly 16 years.
Some of the results for Israel:
|Number of citizens 65+||721,295|
|Average Retirement Age||67.7|
|Average Life Expectancy||83.49|
|Average Length of Retirement||15.79|
|Average yearly income ($)||43,110.00|
|Pension % of pre-retirement earnings||57.8|
|Average annual investment rates of return of retirement savings plans||5.2|
|% of individuals who own their own property||67.30|
|Property Price per square meter ($)||5,916.05|
|Number of doctors per 1,000 population||3.22|
What has been your experience upon retiring in Israel? Did it meet your expectations? Were you ill-prepared? Feel free to share your thoughts with us in the comments section below.